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Our operating results are subject to market risk from interest rate fluctuations on our credit facilities, which bear variable interest rates.
−Removed: As of January 1, 2022, our outstanding credit facilities includ ed a $460.0 million senior term loan under the First Lien Credit Agreement.
−Removed: As of January 1, 2022, the interest rate on the senior term loan was 2.85% (See NOTE 6—Long-term Debt to our Consolidated Financial Statements for additional information).
−Removed: Based on the outstanding balance and interest rate of our senior term loan as of January 1, 2022, a hypothetical 10% relative increase or decrease in the effective interest rate would cause an increase or decrease in interest expense of approxima tely $1.3 million over t he next 12 months.
+Added: As of December 31, 2022, our outstanding credit facilities includ ed a $385.0 million senior term loan under the Prior First Lien Credit Agreement.
+Added: As of December 31, 2022, the effective interest rate on the senior term loan was 7.13% (See NOTE 6—Long-term Debt to our Consolidated Financial Statements for additional information).
+Added: Based on the outstanding balance and interest rate of our senior term loan under the Prior First Lien Credit Agreement as of December 31, 2022, a hypothetical 10% relative in crease or decrease in the effective interest rate would cause an increase or decrease in interest expense of approximately $2.7 million over t he next 12 months.
We do not use derivative financial instruments for speculative or trading purposes, but this does not preclude our adoption of specific hedging strategies in the future.
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Our results of operations and financial condition are presented based on historical cost.
−Removed: While it is difficult to accurately measure the impact of inflation due to the imprecise nature of the estimates required, we have experienced varying levels of inflation, resulting in part from various supply disruptions, increased shipping and transportation costs, increased commodity costs, increased labor costs in the supply chain and other disruptions caused by the COVID‐19 pandemic and the uncertain economic environment.
−Removed: However, because of the flexibility of our unique buying model and our ability to price our products frequently, we were able to partially offset the impact of inflation on our business during fiscal 2021 through selective price increases.
−Removed: We cannot be assured that our results of operations and financial condition will not be materially impacted by inflation in the future.
+Added: While it is difficult to accurately measure the impact of inflation due to the imprecise nature of the estimates required, we have experienced varying levels of inflation, resulting in part from various supply disruptions, increased shipping and transportation costs, increased commodity costs, increased labor costs in the supply chain, increased SG&A related to personnel, travel, and other operational costs and other disruptions caused by the current macroeconomic environment.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information regarding the impact that inflation had on gross margin and net income during the periods reported.
+Added: Furthermore, our results of operations and financial condition may be materially impacted by inflation in the future.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.